34 CFR §690.64

1. (a)If a student enrolls in a payment period that is scheduled to occur in two award years—
   1. (1)The entire payment period must be considered to occur within one award year;
   2. (2)The institution must determine for each Federal Pell Grant recipient the award year in which the payment period will be placed;
   3. (3)If an institution places the payment period in the first award year, it must pay a student with funds from the first award year; and
   4. (4)If an institution places the payment period in the second award year, it must pay a student with funds from the second award year.
2. (b)An institution may not make a payment which will result in the student receiving more than one and one-half of his or her Scheduled Federal Pell Grant for an award year.